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11 Dec 2014
USD/CAD could well base 1.1500 as support now
FXStreet (Guatemala) - USD/CAD is trading at 1.1543, up 0.56% on the day, having posted a daily high at 1.1551 and low at 1.1444.
USD/CAD remains bid and is moving higher on the longer-term time frames as well as today’s session. The catalyst for today was a better bid greenback coupled with WTI slipping to lows not seen since 2009 and below $60/bbl on forecasts for even further over supply surplus throughout 2015.
Analysts at TD Securities explained that USD/CAD’s ascent to a new cycle high above 1.15 today should allow spot to put a little more distance between itself in the upper 1.14 zone that has served to cap the market over the past month. “Short-term (the next 1-2 weeks) technical potential extends to the 1.16 area; and we have to think that there will be solid support for the USD on dips to the 1.15 area”.
USD/CAD remains bid and is moving higher on the longer-term time frames as well as today’s session. The catalyst for today was a better bid greenback coupled with WTI slipping to lows not seen since 2009 and below $60/bbl on forecasts for even further over supply surplus throughout 2015.
Analysts at TD Securities explained that USD/CAD’s ascent to a new cycle high above 1.15 today should allow spot to put a little more distance between itself in the upper 1.14 zone that has served to cap the market over the past month. “Short-term (the next 1-2 weeks) technical potential extends to the 1.16 area; and we have to think that there will be solid support for the USD on dips to the 1.15 area”.